Home Buying in Little Elm>Question Details

Kristen John…, Home Buyer in

Need a contract extension?

Asked by Kristen Johnson, Mon Feb 18, 2013

We are supposed to close on our house on Feb 27th. We had something pop up on my fiance's credit that has to be rectified before we can close. It's taking a while even with our lenders help. I know there is a built in 7 day grace in our contract but I think we are going to need more like 2 weeks. Do we need to ask the seller for an extension? Doesn't this happen relatively often? I know mortgage's and refinances are crazy busy right now and this can't be an uncommon scenario but i rarely hear anyone mention needing an extension or even the process of asking for one. Our contract only gave us 30 days to close which I am told by our realtor is pretty standard but I keep hearing people on these forums talk of taking a couple months or more to close.

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6
John Sacktig’s answer
Yes. it happens a lot. and yes, you need to ask your sellers for an extension. In reality, you can not get a the money to buy the house unless you get the mortgage, yes?

I am not an attorney and I do not claim to be one.. but I have an opinion from experience.
Look at the contract and see f there is a mortgage contingency in there.. it woud read something along the lines of you "needing the mortgage to close" and if that is the issue, then I guess they have to wait. What else can happen? Are they going to pick you up and shake you upside down until the money falls out?

Are you represented by an attorney or the title company? either way speak to the closing authority to discuss the issues wth the lender and the extension.

Good Luck and let us know what happens!
1 vote Thank Flag Link Mon Feb 18, 2013
Extensions happen all the time as long as you have a good reason then it should not be an issue.

Nathan P. Neely

Broker and Owner



Neely Real Estate Group



http://www.dallashomesrealestate.com/



phone 214-552-2273



fax 214-231-2837
0 votes Thank Flag Link Thu Mar 27, 2014
Kristen,

Its is common for extensions to be needed, if something comes up. Even though its a seller's market right now your seller probably doesn't want to go back to taking offers and waiting for another underwriting process with another buyer.

I would advise to get a good commitment from your Loan Officer of how long it will take, and give a little cushion when asking for the extension so you're not asking again. Do not allow either agent to bully into a shorter term than what's needed. It frustrates me to no end when I give the time needed, and receive an extension with less time. I'm positive that your Loan Officer wants to close as bad as your agent; cutting a weeks out of the time needed on an extension only slows the process in the long term and gets everyone frustrated, it doesn't make the closing come any sooner.

I hope everyone involved keeps a clear head and gets you to closing as soon as possible.

Regards,
John Lyng
Mortgage Counselor-NMLS 280951
JLyng@naca.com
0 votes Thank Flag Link Sun Mar 31, 2013
It does happen, it is common.
However that does not mean the seller has to extend.
You can and should ask.
If you are certain it can be resolved, offer additional earnest money.

I would try to get a longer extension rather than two shorter ones.

Your realtor can and should help you through this, but again the seller does not have to grant the extension.
0 votes Thank Flag Link Thu Feb 21, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hi Kristen-

Isn't your real estate agent helping you with this? These are questions she should be giving your advice on since she represents you in this transaction.

There are amendments that have to be prepared and signed by both parties to extend the close date but they have to be done timely, depending on your contract and documents.

Best regards,

Sherry Renfroe
Ebby Halliday Realtors
(214) 215-4145
sherryrenfroe@ebby.com
http://www.sherryrenfroe.com
Mobile Site: m.sherryrenfroe.com
0 votes Thank Flag Link Mon Feb 18, 2013
No professional can render an opinion for fact we are not part of the real estate transaction have ZERO idea what are all the terms and conditions in the executed sales agreement.

Refer all your questions back to your Realtor who should be discussing your options.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111
http://www.lynn911.com

Follow me on Facebook
http://www.facebook.com/lynn911dallas
0 votes Thank Flag Link Mon Feb 18, 2013
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